Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 420,232,000, a decrease of 22.8% compared to HKD 543,751,000 for the same period in 2022[6] - The company recorded a net loss of HKD 182,498,000 for the six months ended June 30, 2023, compared to a net loss of HKD 485,508,000 in the prior year, reflecting an improvement of 62.4%[9] - The total comprehensive loss for the period was HKD 189,145,000, compared to HKD 487,820,000 in the previous year, showing a substantial reduction in losses[8] - Basic loss per share for the period was HKD 2.94, an improvement from HKD 7.83 in the same period last year[17] - The group reported a loss before tax of HKD 52,389,000, compared to a loss of HKD 328,123,000 in the previous year, indicating an improvement[43] - The group reported a net loss of approximately HKD 182.5 million for the six months ended June 30, 2023, compared to a net loss of HKD 485.5 million for the same period in 2022[64] Revenue Breakdown - Revenue from gaming operations for the six months ended June 30, 2023, was HKD 145,146,000, a decrease of 66.8% compared to HKD 436,974,000 for the same period in 2022[27] - Total gaming revenue for the first half of 2023 was HKD 228,193,000, a decrease from HKD 449,255,000 in the same period of 2022, representing a decline of 49.3%[40] - Non-gaming revenue reached HKD 192,039,000, compared to HKD 94,496,000 in the previous year, showing an increase of 103.1%[40] - The group recorded a total gaming revenue of approximately HKD 163,000,000 from the Le Casino and Savan Legend Casino, which is an increase of about 62.1% year-on-year[87] - The group recorded non-gaming revenue of approximately HKD 192,000,000 for the six months ended June 30, 2023, an increase of approximately HKD 97,500,000 or about 103.2% compared to approximately HKD 94,500,000 in the same period last year[88] Cost Management - The cost of sales and services for the same period was HKD 356,948,000, down from HKD 729,043,000, indicating a significant reduction in operational costs[6] - The group has implemented cost control measures to reduce cash outflows for non-essential items in response to the current business environment[22] - Interest expenses on bank loans increased to HKD 62,460,000 from HKD 29,711,000, marking a rise of 110.0%[49] Assets and Liabilities - Non-current liabilities as of June 30, 2023, amounted to HKD 2,202,901,000, a slight decrease from HKD 2,239,797,000 at the end of 2022[11] - The company's total assets less current liabilities stood at HKD 5,721,968,000 as of June 30, 2023, down from HKD 5,948,009,000 at the end of 2022[21] - The company has a net current liability of approximately HKD 1,078,700,000 as of June 30, 2023, compared to HKD 977,656,000 at the end of 2022[21] - The group’s total outstanding secured and unsecured bank borrowings amounted to approximately HKD 2.6 billion as of June 30, 2023[111] Future Outlook - The group expects sufficient funds to continue operations for at least 12 months from the reporting date, based on profit and cash flow forecasts[22] - The number of tourists visiting Macau is expected to increase significantly following the lifting of travel restrictions, which will improve the group's business and financial performance[22] - The group remains optimistic about the tourism industry's recovery and is well-prepared to seize opportunities in the second half of 2023[109] Corporate Governance - The company emphasizes the importance of maintaining a stable employee team for its ongoing success, with compensation based on individual qualifications, performance, industry experience, and market trends[132] - The company has adhered to corporate governance codes, except for the provision C.2.1, which states that the roles of the chairman and CEO should be separate[133][134] - The company believes that good corporate governance practices are crucial for maintaining and enhancing investor confidence and ongoing growth[133] Employee and Operational Changes - The group employed approximately 2,226 staff as of June 30, 2023, an increase from 1,966 as of December 31, 2022[114] - The group has terminated its indirect participation in gaming intermediary business through a subsidiary as of January 1, 2023[38] Gaming Operations - The total betting amount for the mass gaming tables increased by 68.2% to HKD 1,717,340,000 compared to HKD 1,021,249,000 in the same period last year[74] - The net win for the mass gaming tables was HKD 261,279,000, reflecting a 58.9% increase from HKD 164,388,000 year-on-year[74] - The average net win per table per day for mass gaming tables rose significantly by 181.3% to HKD 45 from HKD 16 in the previous year[74] - The total betting amount for the VIP gaming tables was HKD 3,040,232,000, showing a 100% change as it was not applicable in the previous year[74] - The net win for VIP gaming tables was HKD 105,760,000, with a 100% change as it was not applicable in the previous year[74] Adjusted EBITDA - Adjusted EBITDA for the group was approximately HKD 103,800,000, a significant improvement of approximately HKD 264,300,000 compared to a loss of HKD 160,500,000 in the same period last year[105] - The adjusted EBITDA for the group improved from a loss of HKD 161.6 million in the first half of 2022 to a profit of HKD 57.0 million in the first half of 2023[122] - The adjusted EBITDA for the non-gaming operations in Macau increased by 101.4% year-on-year, reaching a level 94.0% of the first half of 2019[125]
澳门励骏(01680) - 2023 - 中期业绩